Crypto Leadership Upheaval Gives Fresh Jolt to Industry

Another round of executive departures hit the crypto industry Tuesday, the latest sign that the fallout from this year’s steep drop in prices -- also marked by a pullback in venture capital, widespread layoffs and growing regulatory scrutiny -- has yet to run its course.

First came word that Celsius Network Ltd.’s Chief Executive Officer Alex Mashinsky -- who helped found the crypto lender and was a cheerleader for its sky-high yield offerings until the company ran into trouble -- resigned, calling his leadership an “increasing distraction” as the company struggles to survive its bankruptcy proceedings. Then FTX US President Brett Harrison announced he was stepping down at the crypto exchange and moving into an advisory role. He will be replaced by Zach Dexter, head of FTX US Derivatives, according to a company spokesperson.